Deutsche Bank quarterly profit surges 67% to 1.1 bn euros
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Last Updated: Tuesday, July 28, 2009, 19:18
Frankfurt/New Delhi: German financial services major Deutsche Bank on Tuesday reported a 67 per cent jump in net income to 1.1 billion euros (Rs 7,566 crore) for the second quarter of 2009, bolstered by a good performance in its corporate and investment banking operation.

In the corporate and investment bank division, income before taxes was 828 million euros in the second quarter whereas the unit incurred a loss of 311 million euros in the same period a year ago, Deutsche Bank said in a statement.

Deutsche Bank's net revenues for the quarter stood at 7.9 billion euros, as compared to 5.4 billion euros, including 176 million euros of fair value losses on bank's own debt.

"The current quarter result was affected by the absorption of 1.4 billion euros of specific charges, mainly in non-interest expenses and provision for credit losses, which were in part counterbalanced by 758 million euros of specific positive revenue effects," the company said.

The company's net revenues in the corporate and investment bank were 5.3 billion euros in the latest quarter, up 84 per cent as against the second quarter of 2008. Deutsche Bank began operations in India in 1980 and it has branches in all the major cities in the country.

In corporate banking & securities segment, net revenues for the quarter were 4.6 billion euros, primarily driven by encouraging performance in sales & trading which stood at 3.5 billion euros.

During the quarter, Private Clients and Asset Management (PCAM), net revenues were two billion euros, down 17 per cent versus the prior year quarter.

For the first six months of 2009, net income was 2.3 billion euros as compared to 504 million euros in the year earlier.

Group net revenues were 15.2 billion euros in the first six months of this year, versus 10.1 billion euros for the first six months of 2008.

Deutsche Bank Management Board's Chairman Josef Ackermann said, "we have taken good advantage of improved conditions on financial markets, but we have also reduced costs and balance sheet risks, and strengthened our capital and liquidity base, all of which leaves us well-placed to confront near-term challenges."

Bureau Report

First Published: Tuesday, July 28, 2009, 19:18

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